Moily clarifies comments on lobbies threat

Moily said the economy would be hit if India continues to spend Rs seven lakh crore to Rs eight lakh crore a year to import oil. Under fire for proposing a steep hike in gas prices,he had said oil ministers were threatened by import lobbies to deter them from taking decisions that could cut the 160 billion import bill. I am telling you with all sense of responsibility that we are floating in oil and gas in this country. And we dont explore it. We put every obstruction not to do it. There are bureaucratic obstructions and delays, he had said. And there are other lobbies. They dont want us to stop imports. Every minister who occupies this position is threatened.